Filing Flows › Liberty Media (FWONA) › Q4 2025
Liberty Media (FWONA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Liberty Media (FWONA) reported revenue of $1.6B for the fourth quarter 2025 (Q4 2025), +38% from a year earlier and +48% from the quarter before. Operating margin was 12.8%, net earnings $333M (20.7% of revenue).
Liberty Media, Q4 2025: revenue $1.6B (+38% year over year), operating margin 12.8%, net earnings $333M, operating cash flow $94.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.6B | +48% | +38% |
| Operating profit | $206M | +30% | +796% |
| Net earnings | $333M | 26× | — |
| Operating cash flow | $94.0M | -49% | — |
| Free cash flow | $33.0M | -82% | — |
What changed
Revenue was $1.6B in Q4 2025, up 38% year over year and up 48% from the previous quarter. Motorsport was the largest line at 92% of revenue.
Operating profit was $0.21B, a 12.8% margin (up 10.8 points year over year). Of the extra revenue versus a year earlier, 41% reached operating profit, above the 2% margin then. Total costs grew 23% against revenue growth of 38%. The fastest-growing cost line was SG&A (+36%). Net earnings were $0.33B. The effective tax rate was 28.4%. Non-operating items added $0.26B, 56% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.09B, 28% of net earnings. Non-cash charges added back $0.12B of depreciation and amortization and $3.0M of share-based compensation. Working capital and other items used $0.36B. Capital expenditures of $0.06B left free cash flow of $0.03B.
Questions
What was Liberty Media's revenue in the fourth quarter 2025?
Liberty Media (FWONA) reported revenue of $1.6B for the fourth quarter 2025 (Q4 2025), +38% from a year earlier and +48% from the quarter before.
Was Liberty Media profitable in the fourth quarter 2025?
Operating profit was $206M (12.8% of revenue) and net earnings $333M.
Source: Liberty Media 10-K on SEC EDGAR.